How the conflict could affect the US economy Russia invades Ukraine: | USA TODAY

Russia attack on the Ukraine could have a big impact on the U.S. economy, including an even sharper rise in gas prices and a continued rise in inflation. This conflict is gonna lead to a disruption in oil supply. And as a result, if oil is tougher to get the prices for oil are gonna climb, and that ties into gas prices. And they're already high to begin with due to inflation. And with this conflict, it's just going go even higher. Russia is a very big oil exporter. They're among the top exporters for the U.S. About 3% of the oil that the U.S. gets comes from Russia. Europe gets a substantial, higher amount of oil from Russia compared to us. Initially, a lot of experts had suggested prices could go as high as say $3.50 a gallon or even $4 a gallon in a lot of places in the U.S. But a lot of that will depend on how this conflict progresses. If it does get worse, we could see gas going even higher. It is possible that prices for fuel for planes climbs as well. And as a result that could possibly lead to tickets costing more for passengers. President Joe Biden notes how the White House is taking active steps to bring down costs. They say they're closely monitoring energy supplies to just keep an eye on for any disruption. And also if necessary, they will release additional barrels of oil to help offset any supply disruption that comes from Russia. It is very possible that we see market shakeups. Obviously investors do not like volatility,And that moves into other goods as well. As the shipment of these goods rises, then we're paying more in terms of consumer goods. If we see inflation getting worse, we might see consumers less inclined to spend money. So we might see spending go down quite a bit. And then businesses they might see, you know, they have to pull back on certain plans they had for expansion for example, if they were looking to hire, maybe they cut back on that as well. so anytime you see volatility like this obviously is gonna have an impact on stocks. Some of the experts that we talk to suggest, you know, there are a lot of people that are worried about what do I do with the stocks I've invested in. And as they've mentioned, you know, hold tight. There's that urge to sell, just because you're concerned about prices going down. Some of the experts we talked to have said don't make any sudden moves. Really kind of, you know, try to be rational as you're trying to figure out decisions with your portfolios. The biggest concern when it comes to the U.S. economy is what impact could the disruption of oil supplies in Russia have big picture. And a lot of it has to do with more of a ripple effect that could take place. And that moves into other goods as well. As the shipment of these goods rises, then we're paying more in terms of consumer goods. If we see inflation getting worse, we might see consumers less inclined to spend money. So we might see spending go down quite a bit. And then businesses they might see, you know, they have to pull back on certain plans they had for expansion for example, if they were looking to hire, maybe they cut back on that as well. So it really can have this, um, this negative effect on the economy. Just kind of, as everything trickles down.